Given that the Fed has stated they won't raise rates through mid-2013, how much of a difference do individual projections makes? Jon Hilsenrath discusses on Markets Hub. (Photo: Getty Images)

This transcript has been automatically generated and may not be 100% accurate.

I ... at the MTC ... John Hills I can tell you ... a little cynical about how much for me to get this this this new pay policy ... should I be cynical about it ... I'm a Jewish synagogue that I mean I think it is important step for the day you know that ... Wall Street spends so much trying time trying to figure out not only what is the Fed did they do it this meeting ... so what did they do ... next month and all the way down through the end of the air in twenty thirteen twenty fourteen and that that is getting tighter ... diminish the guessing game by saying this you know as we stand today this is where we think rates that half the rates are going to be over the next three or ... two or three years ... I think that's given a lot of information to the market making duo wants with it ... and John a question besides the fact that ... he looked Anna's if you can scheme ... ends up ... you know ... Kiwi three ... I he said ... isn't in the cards ... I'd it's in the cards over it depends on what happens with unemployment and inflation I'm ... no inflation they sweet was ... higher last year than the Fed expected they've been counting on that coming down ... that depends on how much it comes down to it comes down under two percent which is their goal ... I then maybe going to QE three ... but that doesn't the battle continued QE three and an unemployment you know if he gets home up where is right now around a half percent ... ABV do it if he keeps coming down of its eighty per second a few months ... and it still like there's enough momentum in the economy without it so they don't so I think there are a wait and see mode ... I'm I'm doing great and chatted jump back in hand with the inflation question ... what does that mean for ... other central banks around the globe that inflation to ... threats arcane ... candy Europeans for instance ... on continuing of over a glowing process ... not only the Europeans but I think the idea saying emerging market central banks thinking that way to audio India's on the line that ... this week ... that big inflation problem earlier this year Laster they had to tighten their policies ... to try to beat it down it looks like it's come awful that in some of this country so we could see policy easing ... in those places ironically in that kind of environment you could have a dollar ... I that's getting stronger ... and added that also takes the pressure off inflation ... on the home front here in us to get that little bit more on the way to operate in that once ... you ... get down ... to what one should love that is I believe that ... we know that that isn't to raise rates for what the next year they didn't come out and told us ... what they're going to do obviously what to do after that depends on the economy to what extent Chileans on Sunday when they really all I ... mean we already know this to mean it seems like a very incremental Qantas that maybe it'll satisfy the markets ... but I ... at that level way to say no I'm not looking at all that we should look at this as in terms of what will satisfy the market the fact is nothing will ever satisfy the market ... you know I think there's a couple things that that that is trying to do the euro ... one which is a longstanding policy change is ... to give the markets have ... a strategic mechanistic way of giving God the public insight into where the Fed is going over two or three years ... is not necessarily decision just to please the markets today ... it's more about what's your ... thinking how did they do policy and they communicate their intentions over the long run ... and is this is that the wall kind of make for bad bettors central banking have better monetary policy making ... they they do this and other central banks have done is they've had a fair amount of success with it so ... that doesn't seem like a bets that for them to stay ... yet there's also the chance that the market is ... thinking that that that is more hawkish than it really is an action could it could give the markets in use today ... you know we did a survey ... of economists the economists that we surveyed have the Fed raising rates in twenty thirteen ... I think there's a good chance that the message coming out of bed today is to be a